Suggestions
Reed McCord
Founder and CEO at First Bite
Reed McCord
Reed McCord is the Founder and CEO of First Bite, a software platform providing market intelligence and CRM tools for CPG brands selling into foodservice.12 He previously held various leadership roles at Impossible Foods, including VP of Business Operations, Strategy and Analytics, VP of BizOps and Strategy, and Chief of Staff to the CEO.2
Key Points
- Founded First Bite in August 2022 to help food manufacturers navigate the foodservice channel23
- Raised a $2 million seed round led by Bread & Butter Ventures to expand First Bite's data platform3
- First Bite uses online menus, reviews, social media data, and other information to provide market data on every restaurant location in the country3
- Aims to make the foodservice channel more efficient by providing data and tools to CPG brands3
- Grew First Bite from a team of 5 to 9-10 full-time employees within the first year3
- Studied Global Business and Spanish at the University of Redlands2
Reed McCord's experience at Impossible Foods, where he helped scale the business, exposed him to inefficiencies in the foodservice channel.3 This inspired him to found First Bite to bring transparency and efficiency to this market through data and technology.3
Highlights
“Good strategy is choosing what not to do”
I look at it slightly differently, especially in foodservice. Good strategy is choosing to build one thing at a time and having the discipline to focus until it stands strong on its own, then building the next thing.
As Hans calls out, and a common thread we hear from most of our customers is an overwhelming sense of opportunity in food service. This makes sense, since we provide data on >1 million restaurants, 10k universities, over 100k schools. And these places buy $350B worth of stuff!
Our most successful customers focus on 2-3 smaller, but still large, segments at a time, using First Bite to filter by channel, geography, menu, chain size, etc.
Then they get to work learning how to sell to these segments, optimizing top of funnel campaigns, followup, the close process, and customer success.
They don’t add new segments until they have built a flywheel that they can rely on to drive growth.They benefit from focus in two ways. First, focusing means they iterate and learn faster. Second, when they have the tools to reach their segments efficiently, their tactics perform much better.
Imagine pitching a dessert product to random US restaurants (no focus). What if you connect with just the 28,600 restaurants in the country that have nutella on their menu? What if you focus on the 6,228 in California with top percentile social media followers? The results are night and day. When our customers send outreach to restaurants with copy that is customized to a specific segment, they see 2-3x higher response rates with easier workflows!
So when our customers start using First Bite, we recommend drawing up a list of specific, but meaningful segments, and running campaigns against them one at a time.
First Bite helps foodservice sales teams transcend the personal rolodex.
I chatted with Hans Kunisch, SVP of Growth at Blacksheep Foods, about how their sales team's work changed with First Bite.
before: salespeople and brokers were exhausting their personal network/rolodex within a few months of joining the company, and then relying on intros from distributors
after: Using First Bite, they were able to fill their pipeline with prioritized high quality targets, and keep their team focused on closing (not researching).
Thanks for sharing Hans. Stay tuned for more from our customers!
